Wade Runs a Company That Is Insolvent and Has Committed

question 9

Multiple Choice

Wade runs a company that is insolvent and has committed an act of bankruptcy.Last year,his friend,Jacques,went through personal bankruptcy for three months before being discharged.Wade is preparing for the same proceedings that his friend went though.Which of the following should Wade be aware of?

• A)Unlike his friend,he must have his form of proposal approved by a majority of creditors.
• B)Unlike his friend,he can simply dissolve the company and be absolved of debt.
• C)The company will probably only be discharged from bankruptcy if he pays back all of his debt.
• D)Wade is correct;the bankruptcy will be the same as his friend's.
• E)Wade will have to hire his own trustee,whereas his friend has one assigned to him.

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